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Technical Report 6th February 2012

The daily technical report discusses the performance of the Sensex and Nifty indexes on the previous day. It notes that the markets opened flat but gained strength in the second half of the day to close near their highs. Certain sectors like Realty and Health Care performed well while Metal sectors declined. The indexes have broken above a downward trendline and technical indicators are positively poised, suggesting further upside if indexes sustain above resistance at 17908/5400. Support levels are identified at 17308-17061-16965/5225-5159-5120.

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129 views

Technical Report 6th February 2012

The daily technical report discusses the performance of the Sensex and Nifty indexes on the previous day. It notes that the markets opened flat but gained strength in the second half of the day to close near their highs. Certain sectors like Realty and Health Care performed well while Metal sectors declined. The indexes have broken above a downward trendline and technical indicators are positively poised, suggesting further upside if indexes sustain above resistance at 17908/5400. Support levels are identified at 17308-17061-16965/5225-5159-5120.

Uploaded by

Angel Broking
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
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Technical Research | February 06, 2012

Daily Technical Report Sensex (17605) / NIFTY (5326)


On Friday, markets opened on a flat note and traded in a narrow range during the first half of the session. However, in the later half, strong buying emerged which led indices to close near the highest point of the day. On the sectoral front, Realty, Health Care and power counters were among the major gainers, whereas Metal counters ended on a losing side. The advance to decline ratio was in favor of advancing counters. (A=1717 D=1166) (Source www.bseindia.com)

Exhibit 1: Nifty Daily Chart

Formation:
We are now observing a positive crossover in ADX (14) indicator. Indices have convincingly closed above the Downward Sloping Trend Line drawn by joining November 12, 2010, weekly high of 21076 / 6336 and July 29, 2011, weekly high of 18945 / 5702. The 200-day SMA level has now shifted to 17200 / 5200.
Source: Falcon

The RSI-Smoothened oscillator on daily chart is placed in extreme overbought territory.

Trading strategy:
After a weak opening, indices managed to find decent support around 16757 / 5055 level. As the week progressed, markets continued to cross all resistances and a rally on Fridays session led indices to close at the highest point of the week. It is now confirmed that indices have broken out from the mentioned Downward Sloping Trend Line drawn by joining November 12, 2010, weekly high of 21076 / 6336 and July 29, 2011, weekly high of 18945 / 5702 and have closed well above it. Further, on the weekly chart, we are now observing a positive crossover in ADX (14) indicator coupled with positively poised RSISmoothened oscillator. Hence, we may witness a strong up move if indices sustain above strong and important resistance level of 17908 / 5400.

Actionable points:
View Resistance levels Support levels Neutral 5400 5225 5159

A minor correction or a consolidation before crossing this resistance would be the ideal scenario for a breakout. The possibility of this minor correction cannot be ruled out as the daily RSI-Smoothened is placed well within the extreme overbought territory. A sustainable move beyond 17908 / 5400 level may push indices to test next resistance levels of 18440 18932 / 5552 5702. Conversely, 17308 17061 16965 / 5225 5159 5120 levels are expected to act as supports in coming trading sessions.

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Technical Research | February 06, 2012

Bank Nifty Outlook - (10134)


On Friday, after a long consolidation throughout the day, finally Bank Nifty broke out of the resistance zone of 9970 10080 and closed above 10100 mark. Hence, the cluster of candlestick pattern indicating indecisiveness since past few trading sessions has been negated. Since this is the highest close of Bank Nifty after August 2011, the momentum could lead index to test the higher levels of 10170 10350. On the downside, 9928 9762 levels would now act as a support for coming trading sessions.

Exhibit 2: Bank Nifty Daily Chart

Actionable points:
View
Resistance Levels Support Levels Neutral

10170 10350 9928 9762

Source: Falcon

For Private Circulation Only |

Technical Research | February 06, 2012

Positive Bias:
Expected Target 300

Stock Name ONGC

CMP 281.6

5 Day EMA 277.1

20 Day EMA 270.7

Remarks View will change below 275

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Technical Research | February 06, 2012

Daily Pivot Levels for Nifty 50 Stocks


SCRIPS SENSEX NIFTY BANKNIFTY ACC AMBUJACEM AXISBANK BAJAJ-AUTO BHARTIARTL BHEL BPCL CAIRN CIPLA COALINDIA DLF DRREDDY GAIL HCLTECH HDFC HDFCBANK HEROMOTOCO HINDALCO HINDUNILVR ICICIBANK IDFC INFY ITC JINDALSTEL JPASSOCIAT KOTAKBANK LT M&M MARUTI NTPC ONGC PNB POWERGRID RANBAXY RCOM RELIANCE RELINFRA RPOWER SAIL SBIN SESAGOA SIEMENS STER SUNPHARMA SUZLON TATAMOTORS TATAPOWER TATASTEEL TCS WIPRO S2 17,292 5,226 9,843 1,242 168 1,042 1,583 376 256 563 329 337 321 221 1,616 387 441 680 490 1,912 147 386 882 125 2,720 195 537 71 493 1,323 687 1,184 169 270 930 104 441 89 807 538 96 103 2,005 224 723 119 533 28 237 110 453 1,128 419 S1 17,448 5,276 9,988 1,255 170 1,071 1,597 382 261 569 337 341 324 226 1,643 389 448 688 498 1,932 150 394 899 132 2,752 198 546 74 506 1,339 699 1,213 173 276 946 105 448 91 823 547 98 104 2,054 227 737 121 545 29 242 111 460 1,150 423 PIVOT 17,539 5,305 10,074 1,265 172 1,090 1,617 391 263 579 343 344 327 229 1,663 392 456 694 503 1,961 154 399 909 135 2,772 200 562 75 513 1,352 708 1,233 175 280 956 107 458 94 831 556 100 106 2,086 232 744 122 551 29 246 112 467 1,163 426 R1 17,696 5,355 10,219 1,278 174 1,119 1,631 397 267 585 350 349 330 234 1,690 394 462 702 511 1,981 157 407 926 142 2,803 202 572 78 526 1,368 720 1,262 179 286 973 108 465 97 847 566 102 107 2,135 235 758 124 563 30 252 114 474 1,185 430 R2 17,787 5,385 10,304 1,288 176 1,138 1,651 407 270 595 356 352 333 237 1,709 396 470 708 516 2,010 161 412 936 146 2,824 204 588 80 533 1,381 730 1,282 181 290 983 110 476 100 856 574 103 108 2,167 240 765 126 569 30 255 115 481 1,198 433

Technical Research Team


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Technical Research |Technical06, 2012 February Report

RESEARCH TEAM
Shardul Kulkarni Sameet Chavan Sacchitanand Uttekar Mehul Kothari Ankur Lakhotia Head - Technicals Technical Analyst Technical Analyst Technical Analyst Technical Analyst

For any Queries, Suggestions and Feedback kindly mail to [email protected] Research Team: 022-3952 6600 Website: www.angelbroking.com

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